Malaysia’s card payments market is projected to grow by 6.1% in 2025, reaching MYR408.5b (US$89.3b), according to GlobalData. This growth is attributed to increased electronic payment adoption, government initiatives to enhance digital payment infrastructure, and expanded access to banking services. The forecast follows a 9.7% increase in card payment value in 2024, which reached MYR385.2b (US$84.2b).
The expansion is supported by the government’s financial inclusion efforts and the proliferation of point-of-sale (POS) systems. Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, noted, “Malaysia’s card payments market is steadily building momentum as the ecosystem shifts towards electronic payments.” He highlighted the role of government initiatives and improved payment acceptance infrastructure in this growth.
Debit card payments are expected to account for 41% of the total card payment value in 2025, driven by a growing banked population and accessible payment cards. Credit and charge cards, despite lower penetration, will represent 59% of the market, bolstered by banks’ reward programmes and instalment options.
The market’s growth is further propelled by low-cost POS solutions, enhancing small and medium enterprise acceptance. For instance, Hong Leong Bank and CIMB offer advanced POS terminals to facilitate contactless and mobile payments.
Looking ahead, Malaysia’s card payments are forecast to rise to MYR538b (US$117.6b) by 2029, marking a 31.7% increase. However, economic and geopolitical challenges, such as US tariffs, may impact consumer spending.
